(Newser)
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It looks like gas prices will start heading down for once. Both AP and the New York Times quote experts saying the price has probably peaked and will begin ticking downward from the national average of just under $4. Skeptics can look to oil prices, which dropped below $100 a barrel on Thursday and have fallen 12% in four days. Part of the reason: Traders are worried that Americans are driving less and putting a crimp in demand for crude.

"I wouldn't be surprised if we dropped to about $3.50 by the middle of June," one industry analyst tells AP. “The driver can expect to see a slow erosion of price," another tells the Times. “My expectation is what people pay this week will be the highest they pay for 90 days.” The Wall Street Journal has more details on the day's turmoil in the commodities markets and underlying fears about the global economic recovery.

Under my tinfoil hat, I believe the price of gas, and a lot of other mandatory commodities, is more driven by stock speculation and politics than supply and demand. I have a sneaking suspicion that Obama has a second act to fulfill and we are in the ramp up to assure his re-election.

realtruth

May 6, 2011 7:27 AM CDT

This need to be said again.. Snarfeh Of course, it will drop, but it will not drop to what it was in November, December or even January. They do this every year around this time. It gets radically high and then it goes back down but it never goes back to where it was....this is how they raise the average price every year.

youngblood

May 6, 2011 7:23 AM CDT

Let's keep up on not using our cars so much till it comes down to 29 cents a gallon!